OECS leaders are pushing ahead with the planned Economic Union

Moves toward an economic union within the OECS (Organisation of Eastern Caribbean States) have been largely welcomed within the region.

OECS leaders say the economic union would significantly boost integration among the group's nine member countries.

Trade is key

But businessman Ken Boyea of East Caribbean Group of Companies (ECGC), says there are some hurdles that must be overcome if the union is to succeed.

Could we move goods and services across (our) waters as easily as other people? Ken Boyea, businessman

Transportation for him is crucial: both the infrastructure and cost.

"The freight between these islands and the airfares are astronomical," he lamented, "so, we need to look at this."

"Is this is genuine partnership?" he asked.

"Could we move goods and services across the waters as easily as other people who already have a domestic market that we can’t challenge?"

The St Vincent-based regional business executive says these are crucial issues to ponder "as we are now talking about a single economy where our market is divided by huge stretches of sea-water."

	ECGC is one of the leading businesses in the region

Another point of concern for Mr Boyea is one of available business skills and expertise to make a single market and economic union successful.

He is concerned that too many professionals are opting for a career in the public service and not contributing to the development of the private sector.

Global challenges

Governor of the Eastern Caribbean Central Bank, Sir Dwight Venner, has said an economic union will help OECS work out ways to respond collectively to global challenges.

"There are going to be geopolitical and economic realignments and internal political changes which will be part of the adjustment to and transmission of, domestic, regional and international systems," he said in St Vincent at the OECS public consultation on the planned economic union.

According to him these new changes will have "a profound influence on our existence".

Dr Venner said, the planned OECS Economic Union was one of the ways "which constitutes a response by our countries to these challenges".

The OECS Secretariat is organising a series of public consultations on the single market and economic union over the next year.

Sessions have already been held in Dominica (April 23rd) and St Vincent and the Grenadines (June 16th).